TEHRAN (FNA)- Iran, the number two oil producer in OPEC, expects the cartel to discuss ways of controlling the quotas of member countries at its next meeting in September, Oil Minister Gholam Hossein Nozari said.

TEHRAN (FNA)- World oil prices faced a roller coaster ride this week, tumbling on US demand concerns before rocketing higher on resurgent fears about West’s ultimatum to Iran over the latter’s nuclear energy programs, traders said.

It is unlikely that Iran, being a sovereign state, will yield to the latest deadline of the United States pressurizing Iran to answer an international nuclear incentives offer or face new sanctions.